Over the last 5 or six years …Papaya Global Vs Gusto… roles on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency framework we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of presence also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being significantly complex. Businesses are constantly introducing new benefits and payment alternatives, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically sophisticated era, there’s no justification for keeping cumbersome treatments. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even small delays can adversely affect employees’ well-being and have significant repercussions. For that reason, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another big um process again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and reducing the variety of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so moving on look why do companies select to primary separate savings account there are Papaya Global Vs Gusto companies out there doing exactly this for particular nations and I’ve worked in an organization or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing but ultimately people are really stuck with what they recognize
with best um modification is a challenging thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining numerous savings account however there’s a huge quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is huge but I think the honest response is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does present several challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Vs Gusto